Mr. Gary Tobin:

Increasingly, culture is very important for a variety of reasons.

To pick up on an issue Deputy Burton raised, one thing to have emerged from the culture report is the need for Irish banks to increase their diversity in their decision-making. While there is a gender element to that, it is not just a matter of gender. It is also about diversity of experience and diversity of thought. Part of the problem in the financial crisis was that there was not enough diversity of thought in our banks and there tended to be an element of groupthink. We also tended to have overconfidence within our banks in the run-up to the financial crisis. Perhaps because there were too many individuals with the same background, there was not enough internal challenge within the banks. Investors will increasingly look for diversity of opinion and diversity of thought in banks because they want to ensure that there is not that same groupthink mentality or that overconfidence we previously had.